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Applications & Processing

Mortgage Brokers and Lenders – Who Does What?

The mortgage broker is the person or company who is your main contact throughout your loan. They are often able to work with a number of lenders, who actually provide the funds for the loan. Typically, the lender pays the mortgage broker a fee for acting as the intermediary and providing all the customer service.

Filling Out the Application

There are standard forms to be completed when applying for a loan. Some mortgage brokers keep these on their website so you can fill out and submit the forms on line. The information will be verified and used to qualify you for your loan, so take the time to answer questions accurately.

Documentation

The mortgage broker will need copies of the documents you began gathering in the first phase of the loan process, including:

Either 2 years of W-2 forms from your employer or 2 years of tax returns if you are self-employed

Recent pay stubs

3 months bank and money market statements

Brokerage, mutual fund and retirement account statements

Proof of other income sources (alimony, trusts, rental income, etc.)

Credit card statements

Auto /boat / student / miscellaneous loans

Drivers’ license or form of ID

If you’re not a US citizen, then copy of your green card or visa

Copy of any existing mortgage debts if you are applying for a home equity line of credit or another mortgage

Stay in Communication

The lender will have an analyst, usually called an "underwriter", crunch your numbers and verify your documentation to confirm your ability to repay the loan. Once you are in contract on a property, there may

also be a loan approval committee which will meet to review the underwriters’ conclusions regarding your creditworthiness, and to evaluate the property on which they are lending. This is called the underwriting process, and questions

are bound to arise. Be sure to return your mortgage broker’s calls promptly to keep the process moving forward smoothly. Check in with your broker periodically.

Testimonials

Team Azzi you're an amazing team... Thank you for staying on top of everything and keeping the process smooth and professional.

Union Bank

Jordan and Tony were my agents for a 1031 exchange… (Jordan) went above and beyond his duties to make sure we closed… My exchange property is out of state and he guided me through everything since this was all new to me. It was the easiest real estate transaction I’ve ever had. Even now after

Sally Lefton

Learned a lot with this transaction! Thanks to the Azzi team - you really set the standard for your industry, both in professionalism and skill.

Jason Birkenstock

Azzi Advisors did great and I’m very proud of everyone this was a great transaction even though it was not an easy one and I’m very proud and thankful to everyone! Special mention goes to Tony and Rabbie, working with you is nothing short of awesome. Thanks for doing everything necessary to get the job

Alan T. Nissel

Tony and all of the Azzi Staff you all indeed know your stuff! Your professionalism & expertise of commercial real estate shined through in every step of the way. Your team always was responsive and followed up on concerns…. you all were always on top of all the details Thank-you.